Spain's emphatic 4-0 win over Italy in the Euro 2012 final has brought some relief to a nation struggling to stay afloat in these financially troubled times.
With its economy in a shambles and almost 25% of its population out of work, Spain partied hard on Sunday night after its all-conquering footballers produced a dazzling display in Kiev to assert themselves as the lords and masters of the beautiful game.
Young and old, Spaniards burst into chants of “Champions!”, detonated bangers, danced in fountains, blared car horns and flew the national flag in their hands, through car windows and off the back of motorbikes.
Tens of thousands of fans packed Madrid’s iconic Plaza Cibeles, adorned with a stone fountain of the goddess of nature on a chariot hauled by lions.
Some 15.481 million people, or 83.4 percent of the television audience, saw Spain’s win in the Ukrainian capital— the greatest audience recorded in Spain for a football match, industry figures showed.
“Today the whole country is united as one and everyone is in the Euro. And the crisis? No-one is thinking about the crisis,” said a fan.
He was echoing the sentiments of millions, but as the dust settles on the win and the beer cans are cleared off the streets by municipal workers, it will be back to the real world for the majority of the population.
By March 2012, Spain’s unemployment rate reached 24.4%, twice the eurozone average. For almost 50% of the people under the age of 25, who should have started their careers by now, have no work raising questions about their future.
The banking crisis has also led to questions about the way Spain manages its wealth. In May 2012 credit ratings of several Spanish banks were downgraded, some to “junk” status. The Bankia Bank, the country’s largest mortgage lender, was nationalised on May 9, and a few days later it announced that it would require a bailout of 23.5bn euros to cover losses from failed mortgages.
Spain’s unusual accounting standards, intended to smooth earnings over the business cycle, has misled regulators and analysts by hiding losses and earnings volatility. The accounting technique of “dynamic provisioning”, which violated the standards set by the International Accounting Standards Board, obscured capital cushions until they were depleted, allowing the appearance of health as the problems mounted.
“Spain’s footballing successes give indirect relief, if only ephemeral, to the destructive consequences of recession and unemployment from which the Spanish people are suffering,” the El Pais daily said.
“Football is not a substitute for good political management nor for economic prosperity, nor should we ask it to be, but it can inject a dose of self-esteem in difficult times,” it added.
Sport, after all, can only provide temporary relief from the ills plaguing a nation. The footballers have delivered what was expected of them. As far as other areas are concerned, the ball is now in the government’s court.